science and research, all the things that are helping america grow. i think that would be a mistake. >> just so everybody understands, we are way over our first 15 minutes. we are still on the economy. we'll come back to taxes and move on to the deficit and a lot of other things, too. >> mr. president, you are absolutely right, with regard to 97% of business is not taxed at the 30 boppers in tax rate, they are taxed at lower tax rate. but those top 3% employee half the -- those are the businesses that employ one-quarter of all the workers in america. your plan is to take that tax rate from 38% to 40%. federal income tax, federal payroll tax, state income tax, state sales tax, gasoline tax, it adds up to 50% oo what they earn. your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of businesses has said that will cost 700,000 jobs. i don't want to cost jobs.+ my priority is jobs. what i'd do is bring down the tax rate, lower deductions and exemptions, the same idea behind bowles-simpson, by the way. get the breaks down, lower deducti